December gold fell $8.10 to $616.80 an ounce, trading more than 2% below last week's closing level. "The growing apprehension among some gold bugs now, is that we may first see $570 or worse ($540) in lieu of $640, in a repeat of the May price slump," said Jon Nadler, an investment products analyst at bullion dealer Kitco.com. December silver lost 38.5 cents to trade at $12.31 an ounce.